Israeli renewable energy solutions company OY Nofar Energy (TASE: NOFR) founder and top executives have sold a 3.2% stake in the company for NIS 108 million to institutional investors. Those benefitting include founder Ofer Yanay, CEO Nadav Tenne, VP business development Shahar Gershon and the Noy Fund.
The prospects look promising for Nofar with interest rate cuts expected to boost the appetite for solar panel projects. The latest deal involves the sale of 1.13 million shares at NIS 95 per share, a 7.1% discount on the company's opening share price this morning. Consequently, the company's share price was down 5.9% this afternoon at NIS 96.5 per share.
The sale leave Ofer Yanai with a 24.7% stake in the company, down from 27.6%, worth NIS 945 million. Even before today's deal institutional investors including The Phoenix, Migdal, Harel, More and Altshuler Shaham were parties at interest in the company.
Nofar's share price has risen 22% over the past six months, giving the company a market cap of NIS 3.4 billion. Nofar erects solar panels, specializing in placing them on roofs of buildings. The company is active in Israel, Romania, Germany, the UK, other European countries and the US (on a relatively small scale). Ofer Yanai was also involved in developing the establishment of solar panels on water reservoirs.
In the first nine months of 2023, Nofar's revenue was NIS 294 million, almost double the NIS 151 million over the corresponding period of 2022 due to the operation of new solar arrays. The company has connected and is ready-to-connect projects totaling 1.08 gigawatts, and another 133 megawatts in electricity storage. Nofar is in stages of construction, and towards the construction of another 1 gigawatt of electricity and storage facilities of a similar scale. When it completes these plans, Nofar will register annual revenue of NIS 1.52 billion from the sale of electricity.
Published by Globes, Israel business news - en.globes.co.il - on January 3, 2024.
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